Oil falls over the hopes of Revival Iran Nuclear Deal

Oil falls over the hopes of Revival Iran Nuclear Deal

Oil falls over the hopes of Revival Iran Nuclear Deal

The oil prices fell on Tuesday because the prospect of a “very soon” renewal of the Iran nuclear deal of 2015 has mitigated supply problems.

While recovering on Monday from the multi-month lows of last week, oil prices fell again as indirect conversations about reliving Iran’s nuclear deal mediated by the European Union between Tehran and Washington. These talks concluded in the Austrian capital on Monday, with a final draft of the deal on the table.

Iran confirmed the relative progress on the issues left in the round of discussion which began Thursday after the absence of five months, with discussions still debated.

A senior official of the Iranian Ministry of Foreign Affairs was quoted on Monday, according to the state news agency, the IRNA that the Iranian negotiation team, led by the Deputy Minister of Foreign Affairs, Ali Bagheri Kani, had informed other parties of his positions on the new draft proposed by the EU.

He declared that Iran had transmitted its “initial response and reservations” to the proposals of the new draft on the remaining questions posed by the head of the EU foreign policy, Josep Borrell.

The remarks intervened after the EU declared on Monday that it had presented a “final” text to save the nuclear agreement of 2015 after four days of intense talks in Vienna between the parties to the agreement, officially known under the joint comprehensive plan of action (JCPOA). 

If Iran Nuclear Deal gets final then how much oil Iran will export? 

The agreement, if approved, would allow Iran to start oil exports, which some experts expect around 1.5 million barrels per day over six months.

Last week, prices fell to the lowest level in the last six months due to fears that weak economic data released in the US and Europe will have a negative impact on the prospect of oil demand.

China’s Data relaxed the Global Economic Concerns

However, concerns over the global economic recession relaxed a little positive data from China, the largest crude oil importer in the world.

China imported 8.79 million barrels of oil per day in July, against the import levels of June but 9.5% less than a year earlier, according to China customs data.

Oil falls over the hopes of Revival Iran Nuclear Deal